A number of Active Bitcoin Addresses Reach Its Highest For the Year.
Despite the slight correction that occurred over the weekend resulting in a price dip of Bitcoin (BTC), the cryptocurrency still recorded a significant feat.
The number of active addresses on the Bitcoin network in a single day surged to its highest record since the beginning of the year.
According to data from Santiment Feed, a total of 1.08 million wallet addresses were active on the Bitcoin network on Saturday, February 12, 2022, suggesting a utility increase for the world’s largest cryptocurrency by market capitalization.
“#Bitcoin had a mild decline over the weekend, but Saturday was the highest amount of active addresses (1.08M) recorded in 2022,” Santiment wrote on Twitter today.
With the surge in the number of active participants on the Bitcoin network, it is expected that the development could prompt its price to surge in the coming months.
“The uptick in participants transacting on the $BTC network is a nice sign of increased utility, a predecessor to price rises.”
Traders Taking Advantage of Price Dip
Many believe that the number of active addresses on the Bitcoin network will surge as traders see the current market as an opportunity to increase their BTC holdings.
The price of Bitcoin has crashed 39% since it peaked at $69,044 in November. Back in January BTC fell below $33,000 and rose back to $45,000 on February 10, 2022.
However, news of Russia’s plan to invade Ukraine saw the price of Bitcoin dip below $42,000 on February 12, 2022, as many BTC traders saw the dip as a window of opportunity to rack up their BTC holdings.
It is worth noting that the accumulation is being carried out by retail, institutional, and corporate investors combined.
A few days ago, Santiment reported that Bitcoin whales have accumulated a total of 220,000 BTC following the crash in the price of the world’s largest cryptocurrency.
Interestingly, whales are not only buying bitcoin this period, high networth traders are also committing large amounts of their funds to buy other cryptocurrencies like Ethereum, Shiba Inu, and MATIC.